[Gate Research Institute: BTC shows steady strength amidst wartime backdrop, volatility remains high] According to observations from Gate Research Institute, the current implied volatility (IV) for BTC and ETH is approximately 55% and 74%, respectively. BTC IV is near the 91% percentile over the past year, reflecting that the options market's expectations for short-term price fluctuations remain at a near one-year high. Over the past week, the 25-Delta Skew for BTC and ETH has generally stayed in the negative range, first widening and then converging, with the 7-day skew once dipping to around -15 vol, indicating a phase of increased short-term Put demand. From the GEX distribution, Gamma is concentrated near the negative Gamma region around March 13, suggesting that volatility may be amplified and evolve into a trending market. Over the past 24 hours, the largest block options trade structure was BTC 27MAR26 Buy 125k-C, approximately 1,500 BTC, with a net premium expenditure of $100,000; for ETH, it was 13MAR26 Buy 1950-P, approximately 10,000 ETH, with a net premium expenditure of $800,000.